Carolina Trust Bank Announces Fourth Quarter Results
LINCOLNTON, N.C., Jan. 29 /PRNewswire-FirstCall/ -- Carolina Trust Bank (Nasdaq: CART) announced financial results for the fourth quarter of 2009. The bank reported a net loss attributable to common shareholders of $1,325,000, or $.55 per share. That compares to a net loss of $679,000, and $0.39 per share, for the same period in 2008. Contributing to the loss were expenses exceeding $1,100,000 associated with the merger of Carolina Commerce Bank of Gastonia, NC into Carolina Trust Bank. J. Michael Cline, President and CEO, stated, "The combination with Carolina Commerce Bank allowed the bank to gain entry into the adjacent Gaston County market while at the same time allowing for cost reductions. We believe that the merger and the efficiencies it allows will benefit the bank and its shareholders in the future."
Excluding the one-time expenses associated with the Carolina Commerce merger, the bank reported a net loss attributable to common shareholders of $225,000 for the quarter ended December 31, 2009.
For the year ended December 31, 2009, the bank reported a loss attributable to common shareholders of $2,508,000, or $1.30 per share compared to a loss of $572,000, or $0.33 per share for the year ended December 31, 2008. In addition to the merger related expenses, the bank increased its provision for loan losses during the year by $1,888,000. Cline continued, "We continue to see weakness in the real estate market and the economy generally. Because of that we considered it prudent to elevate our provision for loan losses against our loan portfolio. The bank remains strong and is experiencing an increase in its net interest income. Net interest income rose 24% in 2009 to $5,905,000 as compared to $4,779,000 in 2008.
As of December 31, 2009 the bank had total assets of $269,134,000 compared to $160,427,000 at December 31, 2008. Total deposits increased 79% during the year to $225,853,000, and total loans increased 51% during the period to $219,543,000.Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of six full service branches in Lincoln, Catawba and Gaston Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.
Carolina Trust Bank (Dollars in thousands) December 31 2009 2008 ---- ---- Balance Sheet Data: Total Assets 269,134 160,427 Total Deposits 225,853 126,345 Total Loans 219,543 144,920 Reserve for Loan Loss 3,213 2,448 Total Shareholders Equity 22,139 16,181 (Dollars in thousands, except per share data) For the three months ended Year to Date December 31 December 30 2009 2008 2009 2008 Income and Per Share Data: Interest Income 3,660 2,197 10,237 9,111 Interest Expense 1,241 1,098 4,332 4,332 Net Interest Income 2,419 1,099 5,905 4,779 Provision for Loan Loss 933 859 1,888 1,154 Net Interest Income After Provision 1,486 239 4,017 3,625 Other Income 253 202 922 829 Other Expense 2,995 1,548 7,201 5,438 Income Before Taxes (1,256) (1,107) (2,262) (984) Income Tax Expense (benefit) - (428) - (412) Net Loss (1,256) (679) (2,262) (572) Preferred Stock Dividend 69 - 246 - Loss Attributable to Common Shareholders (1,325) (679) (2,508) (572) Loss Per Common Share:* Basic (0.55) (0.39) (1.30) (0.33) Diluted (0.55) (0.39) (1.30) (0.33) Average Shares Outstanding: Basic 2,416,654 1,720,973 1,926,597 1,742,297 Diluted 2,416,654 1,720,973 1,926,597 1,742,297 Asset Quality: Net Loan Charge-Offs 42 52 1,123 122 Net Loan Charge-Offs to Average Loans (%) 0.02% 0.04% 0.70% 0.09% Performance Ratios: Return on Average Assets(%) -1.96% -1.70% -1.18% -0.38% Return on Average Equity(%) -20.77% -16.08% -10.92% -3.41% Net Interest Margin (%) 4.11% 2.87% 3.31% 3.35% Note: All 2009 information is unaudited.SOURCE Carolina Trust Bank
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.